August 2nd, 2012

ECB President Draghi Goes Comical Ali

Mario Draghi, president of the European Central Bank, told a press conference following the meeting of the ECB Governing Council in Frankfurt this afternoon that “the euro is irreversible”. Asked by the media what he meant by that he exclaimed to much laughter “It stays, it stays, it stays. It’s pointless to bet against the euro, it’s pointless to go short on the euro.” From the beginning of the press conference to the end the € fell 200 pips against the $, so he was proved factually incorrect before he even finished speaking.

At the end of the press conference Spanish yields were back over 7%, capital flowed into German bunds as a safe haven, trading in Italian bank stocks was halted, the euro had pointedly rewarded those who were short and bet against it, costing the ECB a lot of credibility. Spain has now been told it will, like Greece, have to formally ask for a bailout on austere German terms. The can has been kicked down the road again, the end of the road however is in sight…


76 Comments

  1. 1
    Kebab Time says:

    Is Draghi bonkers?

    Like

  2. 2
    Lord Michael Caine says:

    We are paying £35 million a DAY into this farce.

    Like

    • 7
      The Tit in No 10 says:

      Tony maintained it’s dashed well worth it – and so do I!

      And that’s an end to it!

      Like

      • 15
        Pawn Sandwich says:

        Tony also added £5.5million per DAY by giving up half of Thatchers rebate.

        Like

        • 34
          Only 10 days 05 hours 39 minutes until the Olympics are over! Yay! says:

          That wasn’t Thatcher’s rebate, it was ours. If I remember correctly, Bliar renounced the dosh as a parting gift to Snotgobbler, “there’s you go, you bastard, here’s a £5m per day hole in your budget! Ha ha ha”.

          Yeah, thanks, Tone.

          Like

    • 10
      Pawn Sandwich says:

      Yes but look at the benefits, if we were unified on the olympic medals table europe would presently be top of the leaderboard with two more gold than China.

      Thats worth £35million a day is it not?

      Like

    • 22
      Only 10 days 05 hours 54 minutes until the Olympics are over! Yay! says:

      £53million per day.

      That’s about £36,579,023.50 since midnight, £89,579,023.50 so far this month, £11,378,579,023.50 so far this year.

      Like

      • 45
        Grateful says:

        Am truly grateful for your countdown on the O£ympics.

        And your count UP on the disgarceful payments to the €USSR

        Like

    • 44
      Hugh Janus says:

      Lord Caine, 35m quid would be bad enough, but it’s actually 53m per day.

      Like

    • 57
      Steve Lloyd. says:

      Try £53 million.

      Like

  3. 3
    Fruitcake says:

    Expect Farage to go into attack-dog mode (again) soon…

    Like

  4. 4
    Arghh says:

    That’s it, I’m buying Yen.

    Like

  5. 8
    George Gideon Oliver Osborne says:

    Comrades

    “The pound sterling is irreversible”

    Like

  6. 9
    Shhhhh!!!!! says:

    Don’t
    mention the court case
    wiv the effnics
    and the girls
    in atht Norvern
    Town and the sentence
    wot’s
    been
    handed
    down

    Like

    • 16
      Piss-pot says:

      That sentence should have been doubled for the perv. Two sentences to run concurrently – what’s the point in that?

      Like

      • 25
        Pawn Sandwich says:

        There is no point in that. Might as well have ten sentences running concurrently. It basically means that the victims are having the piss taken out of them.

        I can accept concurrent sentencing only for the death sentence.

        Like

      • 28
        Only 10 days 05 hours 49 minutes until the Olympics are over! Yay! says:

        It’s “Justice-Lite”. It allows our ‘esteemed’ leaders to make bold “tough on crime” pronouncements such as “so and so has been jailed for a total of 17 years”, before quietly adding “longest sentence 3 years, out in 18 months”.

        Like

    • 56
      BBC News says:

      Due to the overwhelming coverage of the Olympics this story shall not feature in any of our bulletins.

      Like

      • 68
        The populace of the destroyed country formerly known as England says:

        At least there actually was a trial even though the authorities had to be forced to hold one, what about all the cases the CPS refuses to prosecute – always because the offenders are “enriched” whereas if the offenders are white there doesn’t seem any difficulty in prosecuting them.

        Like

  7. 11
    Mitt Romney says:

    I could do business with this dude, Mario Draghi.
    The end of the road is certainly in sight.

    Like

  8. 13
    SP4BS says:

    So what if the euro might be irreversable, they can make all the streets go backwards instead.

    Alternative: Have a look at the cars in paris, they park without being able to reverse.

    Like

  9. 19
    Polly Toynbee says:

    Mario Draghi is a cretin.

    Like

    • 50
      herman rumpy pumpy says:

      you will be imprisoned fnor that libel against my good friend the draghi queen.

      you will be detained at my magisterial pleasure in the grands place underneath l’ enfant qui pisse.

      Like

  10. 21
    Filthy Rich Capitalist says:

    I love these incompetent politicians and Central Bankers. Leveraged short Euro, FTSE 100, S&P 500. Shangai Stock market has broken down this week leading the way for the rest of the world’s stock markets, Next stop FTSE 100, 4800 and S&P 500, 1100.

    Like

  11. 24
    Engineer says:

    Best comment I’ve seen on the Euro’s slow demise so far;

    “Is 52% youth unemployment in Spain a price worth paying to save the Euro?”

    Like

  12. 27
    Tay King-dePisse says:

    Mario Draghi in his previous career:

    Like

  13. 30
    General Cheeseburger says:

    What we need to do is have a dinner with all the EU sympathisers including that deluded Mario, who incidentally looks nothing like a Plumber – he doesn’t even have a moustache and looks very much underfed!
    Anyways, we serve them up each one of Merkel’s anal GPS tracking sausages, topped with Francois Hollande Sauce, brick up the dunny’s but leave them all the EURO’s they can grab to wipe their shitlers….
    And if the trouser ankled bloodline wannabies won’t use them – we’ll just round them up, put ‘em in a field and BOMB THE BASTARDS!

    Like

  14. 32
    Pundit Too. says:

    This morning at 7am the Toady Programme news had the rate at a stated 0.82 and I shot out of bed quickly as this was an unbelievable increase in the value of the Euro.
    It was unbelievable – do they get anything right these days?
    I see our friend economic Stephanie was cleared of bias but the Trust basically stated she was economical with the truth over the value of the UK’s financial services to our GDP. Tells porkies but not biased?
    Lesson learnt “Do not trust the Trust” – they should go in for judging Olympic boxing matches.

    Like

    • 51
      victoria jennings derbyshire says:

      if you think radio bore is bad what about radio five dead ??

      Like

    • 65
      Biased Broadcasting Corporation says:

      Do you seriously expect them to critique their own news output impartially?? Were you expecting Margaret Thatcher to appear in the Opening Ceremony?

      Like

  15. 33
    Peter Hitchens the voice of reason and dementia says:

    The Euro is going backwards as fast as an Italian tank

    Like

    • 40
      Princess Polytwaddle's Head Butler, Valet and Handyman says:

      What-a you-a mean-a? Princess-a is not-a a tank-a and she never-a goes-a backward!

      Like

    • 52
      benito and the surrevnder monkeys says:

      oh come off it even the euro regressing is not that quick …

      i speak from pversonal experience

      Like

  16. 41
    robbie says:

    and what does “end of the road” look like?

    Like

  17. 49
    Mornington Crescent says:

    Nearly twenty years ago to the day, this happened:

    …and still they haven’t learned.

    Like

  18. 54
    Antipo-dean says:

    Sigh. How do the Germans not get this? Their only chance of survival is to dissolve the euro-zone and do it now.

    Think about it. The economies of Southern Europe are uncompetitive with their trading partners. To become competitive, they need at currency devaluation, which in the case of Greece is commonly put at 40-50%. This would make imports expensive, driving domestic consumption, and make their exports cheap on the world market, driving export growth.

    They can’t just do this because they’re part of the Euro. There are two ways, then, for their currency to devalue: 1. Leave the Euro, adopt the new Drachma or whatever at 1:1 with the Euro and let the market devalue it. 2. The economies of Northern Europe can go to hell, resulting in a 40-50% devaluation of the Euro. Same result.

    And it will happen. As long as Southern European economies remain uncompetitive, they will keep on needing bailouts. If they don’t leave the Euro, they can’t devalue their currencies to become competitive. So they will keep on needing bailouts, until the scale of the bailouts reaches the point where the German government can’t repay the loans it’s taken out to finance them. At that point, the German economy goes down the drain and everyone gets the devaluation they’ve been wanting.

    Simples!

    Like

  19. 55
    keredybretsa says:

    The Euro is here to stay, but not necessarily in it’s present form. A ‘Northern Euro’ and a ‘Southern Euro’ which will have less purchasing power. Of course they may well end up with an ‘East Euro’ and a ‘West Euro’ just to cover the whole situation.

    Like

  20. 60
    Mandy says:

    I’ll never go short. I’m piling it in.

    Like

  21. 61
    All the Kinnochios says:

    We won’t go short either. It’s been fill-yer-boots for us for years, thanks to the EU.

    Like

  22. 62
    SIR EVERARD PENIS Q C says:

    This c*nt should be called Mario Druggi cause he’s certainly high on something
    and it’s not common sense yet again the markets plummet , borrowing rates go up and the Fuckin Germans pocket all the money yet again
    Germany will eventually rule Europe without firing a shot

    Like

  23. 64
    Poor Bill says:

    So you are saying that Guido Fawkes. The peoples fighter for Freedom is

    ‘Censoring’ any comment on the Child Rape Case in Northern England.

    Can that be true ?

    Like

  24. 75
    HDB111 says:

    The bit I loved was just before he started talking I shorted the market and the euro thank you you Italian buffoon you actually had Capital Spreads having to stop internet trading on the Dax, FTSE, abd CAC. Brilliant job and thanks for the gains.

    Like

  25. 76
    TGF UKIP says:

    Mario Canuti, more like

    Like


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Owen Jones says:

We also need Zil lanes.


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